Home loan comparison

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

 

Getting a home loan while self-employed

If you’re a self-employed Australian (such as a small business owner), then you might find it difficult to get a standard home loan rubber-stamped. This is because self-employed workers often don’t earn a set salary in the traditional sense, and since lenders usually ask for proof of income, it can be harder for such workers to provide such proof.

You might have to apply for a low-doc home loan, which is short for a low documentation loan. You’ll usually need to provide business statements for at least 12 months or something like a letter from an accountant.

It can be hard to determine what your income is as a self-employed person, but to get a rough idea, you can use our self-employed income calculator.

Self-employed income calculator

To work out what your assessable income might be, banks will usually rely on historical figures to work it out, like those business statements mentioned earlier.

Our self-employed income calculator can give you an idea of what your assemble income could be, based on:

  • Two different years worth of net profit before tax
  • One-off expenses
  • Other expenses like depreciation, super payments etc.
However for a more accurate look at what you can afford to borrow, consider consulting your accountant or a mortgage broker for more information.
 

Home loan news


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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